Post-open Review… Tug o’War.

Two competing influences battle over the open.

Maintaining the open’s gap up above yesterday afternoon’s 2567.50 high formed several bullish setups.

None of which prevented immediately reversing down to touch yesterday’s high. And extending down beyond the first hour to probe the entire 2548.00-2555.00 range down to 2547.50.

So much for the session-long rally setup. It was formed by gapping up above yesterday’s close, after having trended down into yesterday’s close. Rejecting it by 9:45 could have become as bearish as the setup would have been bearish. Instead, the late reversal only invalidates the otherwise bullish setup. It can’t be reinstated, but another bullish setup could take develop separately.

Meanwhile, traction sellers gained by yesterday afternoon’s sellers had created a position of weakness. Its influence only prevents a rally from gaining traction. Closing back above the upper-end of the 2548.00-2555.00 range could still extend the rally. But closing under the 2548.00-2555.00 range’s low would reverse momentum down.